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Answers (5)
- Celia Butler Home Loan Diva, "At Academy Mortgage"
- Contributions:359
There are many factors based on your generic question. What happened that you had a BK? Many times based on your reason and documentation you can move forward with an FHA loan after 1 year. After 2 years FHA is more lienent. Plus you must have compensating factors to prove that you have rebuilt your credit (savings, 2+ yr job, good banking records, paid rent on time etc... etc...) Personally, I would not be able to give you a real answer without a good conversation. Hard money is a very good way to move on quickly. The private lenders that I work with are great and they never have a prepayment penalty so you are able to get into a better loan quickly without problems.
Sincerely,
Celia
Sincerely,
Celia
- OK State Lender
- Contributions:199
I would really encourage the borrower to visit his mom and pop local bank before going after private money.
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
With 40% down you can get a private money loan now. Around 11% with 5 points. They don't care about your BK or credit score.
Happy funding, Rudi
Happy funding, Rudi
- Steffnie Parsons, "Steffnie"
- Contributions:76
Just a FYI, I have a customer with chapter 7 and my underwriter said 2 years after discharge date!
- OK State Lender
- Contributions:199
It depends what loan program you are looking at. How long since your BK? FHA 2 years Conventional 4 Years. With that type of downpayment you may want to talk to your local bank. Their guidelines may differ.
how long do I have to wait after a bk is discharged to buy a new home with 40 pwe cwnt down
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